Prosper Loan Funded

Go ahead because you are the best judge of your situation. You know the best move to make. I will agree with your point when you take new loan at lower interest rate to pay off the debts with high interest rates. The toughest thing is that no one is willing to extend new credit to people with bad credit. Your filing bankruptcy would not be a problem now because that happened long time back in 1999. Actually, you may get better offers from the banks near to your place. Maybe, you could have tried them also.

I too funded a loan with Prosper for $3000. I was treated very well by the lenders as well as other borrowers and funded within three days. I funded on Wednesday and the money was in my bank account that Friday morning. By noon Friday, I had paid off my five outstanding credit card accounts and two collection accounts. I have one small payment a month for $104 to Prosper at 15% rather than 7 different payments at 20% and higher.

Prosper is a godsend in my opinion. It is not easy to get funded because you have to put everything on the table regarding why you need the money, any derogatory items on your credit report and how you will pay it back. They are tough, but very helpful.

It is a good feeling to have the credit cards out of the picture....

fascinating..I have always wanted to hear about someone who got funded, and what the process was like. Thanks for sharing..I always thought you had to have perfect credit to get approved.

I keep trying up to 22% this time in funding. But I just cleared up 2 DQ and will clean up the other 2 monday so I am told my chances will increase at that time.
But I am asking for about 8k to clear all outstanding debt.. Great site.

I just applied, Wish me luck....Seems like a great site for people who are stuck. I dont know if i will be approved BUT i am trying either way.

Mine was just approved today, should be deposited Friday. The lenders treated me very well. It's a very different way to get a loan and yet very interesting and professional.

They also have forums you can read through and learn alot.

SAM62

Prosper Loan? What's the interest rate?

They have varying interest rates depending on credit scores from Experian. Check it out, it's a very interesting way to get a loan. They also have forums for information. You need to join but do not have to apply for a loan.

SAM62

Oh that is where the lenders are people who are members of the site right?

That's the one

I applied and created a listing yesterday. I received my first Bid today after joining a group. Wish me luck, i am hoping i can get a loan. For anyone interested, the interest rates depend on which state you live in, your credit and or the lender....

gsforgrace, I don't know if my pm's are reaching you, I've sent you 2 but they're not in my sent box. Let me know here in the forum

SAM 62

I have a listing on Prosper.. 3 days left and I am 88% funded on a 9000.00 loan.
one payment and no PDL CC or Cash Call I am saving all most 400.00 a month took me a lot of trys but I learned more more each time and I am part of a well liked group..
it is a relief for me.. just waiting for the balance to fund and $$ to hit my account I have my bill gathered and checks written just waiting for stamps.
:)

Congratulations, mine was deposited this morning. nindays from posting listing to deposit of loan. Got rid of a lot od high interest and now one pymt of 230.00. Happy, Happy, Happy!

I was funded this afternoon.. Now the verfication.. I still have 1 day left to run so I hope the intrest goes down..
But I am also PDL free. So... This will pay off all my CC's :lol:

Congratulations :D Not only are you pdl free, now you are about to be CC debt free. Good Work :D

Congratulations, I know Prosper has helped me.

SAM :D

I am sure everything is rosey until a default occurs!

I am sorry what do you mean until a default occurs?
If you default on anything expect trouble.
I took this loan and worked a budget to INCLUDE the payment..
I am upset that you would post such a negitive reply.
Can I guess you were turned down by prosper?
I have 7 listings until I got funded but I never was angry. I have rotten credit I had to show I was a good risk..
People take a risk and I found many helpful people and this was the best thing I did.. and I did not use this loan to pay PDL's I used my tax refund that I filed as soon as my W2 hit my hands and got state back in 7 days..
why rain on the parade of the people here that uses Prosper for a livable intrest instead of PDL Loanshark Intrest..

I think he was showing how the "collection" for Prosper appears to be overseas, which can cause all sorts of problems if you default. I don't think he was implying anything to you personally. I don't think he was trying to hurt your feelings.

pdl.never.again....

I did not mean to rain on your parade,or ruin your joy. Congradulations on the loan!

I am just raising the possibilities of there being problems if you to run into trouble.

I did not request a loan from them. I did read the fine print and it raised red flags. I found it interesting that a person stands a better chance getting a loan if they belong to a group. Reason being,if the borrower runs into trouble the group "Leader" is the heavy and comes down on the defaulter. Also,the interest rates are very high!


Once again I wish you well on your new found wealth!

Thanks Carter!

you are right a group helps.. but because they will look at your information ie paystubs and credit report.. But if you default on anything they come down heavy. the group leader also must follow lending rules for collections. So IF and I dont plan on defaulting But if I do. I will hear from them and after 3 months they will sell to a CA..
But it is not free money.. as far as intrest.. who would give me a loan at 24% for a loan over 5000.00?? except for a on line loan shark? I am not angry and good for you that you can afford your debt Me one payment saves me over 500.00 and I never have to even think of a PDL again.
So I am sorry if I jump on you in the post above.. I just think that if people are willing to take a 300.00 PDL and pay 2000.00 ( or more in some cases) why not take a 1000.00 and pay back at 20-26%??
I am off the soap box and good luck to you.. :)

24% for a $5,000 + loan??? Yikes! Your highest credit card probably does not charge that!

At best you are just switching one debt for another.

What happen Roadwarrior?? get turned down??? at Prosper?
Not sure why you are on this site? PDL's ( low intrest right :P ) CC's You must be a AA credit with 0-9% intrest? or CA's you just dont pay your bills..
But whatever best of luck to you...

I am yet to be approved for a loan on prosper...meanwhile i am paying $430.00 a month on PDL finance charges. 3 loans that are total $1850.00, i have paid more of re-fi charges than what i borrowed. Anyway, i went to prosper to borrow the $1800.00 and i am still waituing approval after 12 listings.....

Quote:

I havent found a trusted debt consolidation company....i have been looking. In the meantime to avoid being garnished or my bank account being debited, i make payments every 2 weeks of $215.00 to refinance these pay day loans...its killing me honestly. I went to prosper to borrow the money BUT my state cap is only 7% which no lender will work with. meanwhile i am paying 400% almost on these PDL's. SAD!

I can relate gsforg... there seems like there are other options out there though. I know you're hoping on Prosper, but loans through Prosper are difficult to come by. Have you talked to your PDL companys, and attempted to make some sort of payment arrangements? I mean many will give you the run around, but at this point I would say that you need to try it.
I put in my paperwork w/CCC, and am hopeful... but w/all that I'vre read on here about Brennan I'm somewhat apprehensive. But I'm gonna give them and him the benefit of the doubt. If after a couple months and no one has received a payment, then I'll cancel the contract and block them, and look for another Debt company.

Hi gsforgrace.

These PDLs you have, have you checked to make sure they're legal in your state? What state are you in?

gsforgrace.....

Also deny them access to your accounts!

(Mike,it worked this time!) Sorry folks,I,m having difficulty posting.

@@@ Roadwarrior....They are storefronts not internet pay day loans.

Where can I find this company?

If you are talking about finding prosper, you can go to prosper.com Once you are there, everything will be in order for you to fill out. Good luck :wink:

Thanks for the info.

For those of you that took a few times to get funded...what was it you learned and how did you use it to your advantage? My state maxes out at 24% and everybody says no one will accept that "low" of interest. Suggestions?